Question 15
Theory of ProductionAn entrepreneur is said to be an efficient manager when he
- A.makes basic decisions in the organization
- B.combines factor inputs in right proportions
- C.introduces a new product in the business
- D.introduces the company's product of a new market
Show the answer and explanation
Answer: B (combines factor inputs in right proportions)
Explanation
Efficient management means using the best combination of inputs.